The Real Deal New York

Posts Tagged ‘hidrock realty’

  • hidrock-1

    25 West 37th Street and Abraham Hidary

    Hong Kong-based Keck Seng Investments, which largely owns hotels and office buildings, broke into the New York City market with its first acquisition there: a SpringHill Suites by Marriott in Midtown for $82 million.

    Hidrock Realty sold the 173-room, Gene Kaufman-designed property at 25 West 37th Street for $82 million. The hotel opened last year. Hidrock also developed the Courtyard at Marriott, at 960 Sixth Avenue, which it does not plan to sell. [more]

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  • hidary

    13 East 47th Street and Abraham Hidary

    Hidrock Realty acquired three Midtown East sites for $47 million. The firm plans to raze the buildings currently on the properties and construct a condominium building.

    An affiliate of City Centre Properties sold the lots at 13 East 47th Street, 12 East 48th Street and 14 East 48th Street for roughly $522 per square foot. Several developers were vying for the sites, but Hidrock’s offer was highest, the Wall Street Journal reported. [more]

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  • From left: Jack Hidary, a rendering of Hudson Yards and a rendering of Willets Point

    From left: Jack Hidary, a rendering of Hudson Yards and a rendering of Willets Point

    Brooklyn native Jack D. Hidary is a respected technology entrepreneur, angel investor, board member of nonprofits such as the Clinton Global Initiative, and a cousin to his namesake Jack A. Hidary, the CEO of Hidrock Realty, which owns several properties in New York City, including the Courtyard by Marriott hotels at 960 Avenue of the Americas and 133 Greenwich Street. What’s less well-known about Hidary is that he’s running to be mayor of New York City. [more]

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  • hidary

    From left: 65 West 36th Street and Abraham Hidary

    Hidrock Realty reeled in more than quadruple what it paid for a 12-story office building in the Garment District.

    The landlord, owned by the Hidary family, sold the 65,000-square-foot property at 65 West 36th Street for $29 million to the Sioni Group. Twenty-thousand square feet of unused air rights went to insurance titan AIG and real estate firm Buccini Pollin Group for an additional $6 million. In 2002, the purchase was made for $8 million. [more]

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  • Left, Maureen Kelly, 1375 Broadway

    Maureen Kelly and 1375 Broadway

    Tarte Cosmetics is moving its headquarters into 1375 Broadway. The cosmetics company founded by Maureen Kelly is leaving its current office at 224 West 35th Street to occupy 15,439 square feet on the eighth floor of Savanna’s building. [more]

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  • herald-square

    Herald Square

    It’s the “Invasion of the Hotels” playing right now in Manhattan’s Herald Square.

    Hotels have been quietly popping up in the popular tourist spot, while most of the locals have been looking up to watch the facelifts that  the square’s famous landmarks — Macy’s department store and the Empire State Building — are getting, the Wall Street Journal reported. Two examples: SpringHill Suites, at 35 West 37th Street, and the Courtyard by Marriott, at 71 West 35th Street. Rates at the hotels, both developed by Hidrock Realty,  average roughly $300 a night. [more]

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  • The Plaza Hotel

    For $1.3 million, live in the “Loire Valley of Brooklyn” in this Crown Heights castle. Napster co-founder lives at the Plaza hotel for year and a half during townhouse renovation. MoMA revisiting decision to demolish American Folk Art Museum. Hidrock Realty’s foray into hotels turns heads. Workers start to fix Carroll Street Bridge in Brooklyn. Read these stories and more after the jump.

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  • 59 West 36th Street

    Hidrock Realty, which has been asserting itself of late in the Manhattan hotel market, has paid $28.5 million for a parking lot in the Garment District, the New York Observer reported. The seller of the property, an 8,690-square-foot parking lot at 59 West 36th Street, was identified as David Bell, principal at Houston,Texas-based Bell Slesinger. Current zoning allows the buyer to build up to 86,900 square feet at the site, according to PropertyShark. City records show that Hidrock also purchased an adjacent, 2,123-square-foot lot at 62 West 37th Street for $5.9 million. … [more]

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  • Hidrock Realty completed a $16 million refinance of its 12-story office building at 35 West 36th Street, Crain’s reported. The firm secured a loan with a 3.89 percent rate from the original mortgage lender, Assurant, taking advantage of the historically low mortgage rates. The original loan had an interest rate of 6 percent, Crain’s said. [more]

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  • Abraham Hidary of Hidrock and 133 Greenwich Street

    Hidrock Realty has purchased the vacant lot at 133 Greenwich Street for $27.9 million in a joint venture with Robert Finvarb Companies, and will develop a hotel there, a statement from Hidrock today said. The joint venture will develop a 28-floor, 300-room hotel at an estimated cost of $70 million, the statement said. The new inn, between West and Washington streets in Lower Manhattan, should be open for business in early 2015. [more]

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  • Hidrock Realty has secured $66 million in construction loans for its two Fashion District hotel projects — at 960 Sixth Avenue and 25 West 37th Street — the developer announced earlier this week.

    Hidrock purchased the note for 960 Sixth Avenue, also called the Atlantic Bank building, from Societe Generale for $40 million in October 2009, according to published reports. The company foreclosed on the 35th Street office building, which by then had only one tenant, in August 2010. Previous owner Statuto Group had planned a residential conversion for the site, and Hidrock had considered a mixed-use space including offices, but in the end a hotel was the most lucrative venture, said Hidrock’s president, Abraham Hidary.

    The developer now plans a Courtyard Marriott at the address, for which it just closed on $36 million in construction financing from BBVA Compass. The hotel, across the street from Macy’s Herald Square
    flagship, will boast 167 rooms, a rooftop bar and retail, and should be completed by October 2012. The total cost of the conversion will be around $30 million, Hidary said. … [more]

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  • Building a hotel in New York City may be cheaper than purchasing one, Bloomberg News reported, as demand from investors helps drive hotel property prices through the roof. According to hotel consultancy firm Lodging Econometrics, New York developers are planning to open around 50 new hotels in the city before 2013 and 68 more by 2014.

    “Right now, it can be cheaper to build,” Bruce Ford, senior vice president of sales at Lodging Econometrics, told Bloomberg. “Most developers would argue that it’s better to open a hotel in 2013 than in 2012, but in New York City, a market that leads the cycle, next year should be good.” Manhattan hotels have sold for an average of $505,157 per room so far in 2011, up from $344,799 in 2010 and $413,644 in 2009, according to data from research firm Real Capital Analytics. … [more]

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  • Hotel boom underway in Fashion District

    October 05, 2011 09:17AM
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    From left: Hidrock Realty founder Abraham Hidary, 960 Sixth Avenue (credit: PropertyShark) and the building that was demolished at 25 West 37th Street

    Led by two forthcoming hotels from Hidrock Realty, the Fashion District is undergoing a hotel boom, according to the New York Post.

    As The Real Deal previously reported, the commercial landlord is bringing hotels to 25 37th Street, between Fifth and Sixth avenues, and 960 Sixth Avenue, at West 35th Street. Now, finally, demolition is nearly complete at the 37th Street site, which will become a new 173-room, 70,000-square-foot SpringHill Suites. Meanwhile, the Sixth Avenue office building, which Hidrock acquired in a foreclosure auction, will be converted into a 100,000-square-foot, 167-room Courtyard by Marriott, with a rooftop bar. … [more]

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  • Hotel uptick drives Chang, Hidary to build

    November 29, 2010 12:32PM

    From left: Sam Chang, architect Gene Kaufman, 538 West 48th Street, Abraham Hidary of Hidrock Realty and 25 West 37th Street (building photos credit: PropertyShark)

    The unexpectedly fast recovery in the Manhattan hotel market has spurred developers such as Sam Chang and Hidrock Realty to dust off once-stalled projects or start new ones as room rates and occupancy levels have grown over the last year.
    “We are seeing renewed interest in projects that have been stalled,” hotel consultant John Fox, a senior vice president at Colliers PKF Consulting, said. “Despite significant additions to the supply of rooms over the past few years, occupancies are at levels approximating those before the declines that started in September of 2008.” … [more]

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  • Abraham Hidary, 960 6th Ave.

    Abraham Hidary’s Hidrock Realty won the 100,000-square-foot office property at 960 Sixth Avenue in Herald Square this week in a long-expected foreclosure auction nearly eight months after his company bought a … [more]

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